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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Platter who wrote (28388)	8/26/1998 1:13:00 PM
From: Mike from La.	Respond to of 95453

Re: Gulf oil lease. Here are some excerpts from today's New Orleans Times Picayune. " ... received 486 bids for 402 tracts of of land on the sea floor. ... Competition for land in the western Gulf has never been as fierce as in the Central Gulf. (people are making the mistake of comparing this lease with the record breaking leases in the Central gulf IMO)"... the ongoing lure of deepwater drilling shows no sign of ending. Among the bids received almost three quarters, or 278 are for sites 400 meters or deeper.... Furthermore, bidding in the region was bound to fall off at some point after the cutthroat competition of the past years. ... Despite the drop, todays sale will still be the third most competitive for the western Gulf in the 1990's.... Congdom (minerals service spokesman) thinks companies have shifted from an acquisition mode to development mode. '"Right now they've got as many leases as they can possibly develop"' he said. ...Development remains in the deepwater regions, Condon said. thirty rigs are drilling in the deepwater Gulf, a figure close to the most ever. These comments are from people who have no agendas. someone made a comment that traders know more than we do. I have a good friend who makes his living as an options trader. Traders are strictly short term, often one day in and out, who care nothing about fundamentals. they make their money on short term volatility, and it doesn't matter to them if it's cotton or oil. The big ones will do what they can to add to the volatility. Witness the rumor yesterday that King Fahd had died. It originated on the floor. Mike from La.